This is a sophisticated introduction to the foreign exchange and money markets. It covers the history of the markets, the international financial system, money market and foreign exchange calculations, financial instruments and risk management. What I really like about the book is its depth, and this is where it differs significantly from Reuters (1999). The Reuters text is light and easy to read. Walmsley's book is weighty. It delves into the regulations and legal actions that shaped the Euro markets. It provides practical, detailed explanations of short dates and adjustments—topics the Reuters text hardly mentions. There are fully four chapters on risk management, explaining technical concepts such as RiskMetrics, netting by novation and key-rate duration. This book is excellent for professionals who are new to the foreign exchange and money markets. Indeed, given the sheer quantity of material covered, even experienced traders will find much of interest. The book is well written and engrossing. I recommend it highly.